German Wind Turbine Company Goes Public

REpower Systems has gone public, offering its shares on Germany’s Neuer Market for growth stocks.

HAMBURG, Germany 2002-04-02 [SolarAccess.com] The company, which develops and makes wind power rotors and turbines, was the first company in eight months to enter the market. REpower’s headquarters are in Hamburg, but the company also has locations in Rendsburg, Husum and Trampe. All of these cities are located in northern Germany – a part of the country that is absolutely flat – allowing strong winds from the north and Baltic Seas to drive across the land. REpower hopes to develop the offshore market, which it considers highly promising, from its Husum base. Trampe, is located northeast of Berlin and offers good access to potential markets in Eastern Europe. The company, in need of fresh capital to be able to go ahead with its expansion plans, decided the time was right to enter the market. REpower’s chairman of the board, Fritz Vahrenholt, was well aware of the risks of the undertaking. “The climate isn’t that good at the moment. There’s no denying that. But we can’t wait any longer,” he said. But overall conditions were favorable for REpower going public. The latest statistical data for Germany show that the economy is recovering. And investors’ confidence seems to be returning with the economic upswing. “Investors have shown a lot of interest. We’ve got a good track record: a 50 percent growth forecast for this year and the next, as well as a two-digit profit margins,” Vahrenholt said. “And things are looking up for wind power.” REpower shares ended the first day’s trading slightly above the 42 euro (US$36.50) issue price.

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